got a massive return waiting for ya in Sheraden; tenants made this 3-unit on a lovely near-¼-acre lot w/parking a mess, but it was WORSE pre-photos believe it or not! 👍👍
Zoned TRX. All utilities separate minus water.
3 units – each floor is a unit:
- L1: 1/1
- L2: 3/1
- L3: 1/1 / eff.
2 dedicated parking spaces + plenty more on the street
separate entrance for 1st floor & 2nd/3rd floor
basement access for all tenants from the outside
See easiest comp ever right next door for $218k (duplex): 3031 Huxley Street
- CAP: a good 20%+
- ARV: a good $200k+
- Repair cost est.: $55k (R-R/hold); $92k (flip)
My perhaps favorite option would be combining the 2nd & 3rd floors into a large, 2-story, 4/2 unit & re-zoning as a DX.
area rent:
-Market: $2,525 ($775+$1,150+$600)
-Sxn. 8 about the same: w/tenants paying utilities: $2,465; if you pay: $2,778
All 3 furnaces & hot water tanks WORKED last time checked; H2O tanks are actually rather young (<5 y/o). Also has some [STAINLESS] appliances, cabinets, *maybe* even a microwave, +other components of the dwelling for reuse .. things might be dirty as h*ll but likely to strike on a usable gem or 5.
Needs:
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Does * NOT* need:
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Oh & despite photographing well, the ext. wooden steps will likely fall apart; will need tightened-up.
Somewhat private/set back (check the StreetView), yet 4 miles from the center of Downtown Pittsburgh.
Sheraden location speaks for itself; this property is even ~50% walkable.
Bonuses: certainly salvageable OG hardwood, built-ins, some doors; HiGh ceilings; covered+uncovered exterior spaces & yard; kitchen(s) support dishwashers, LL unit is still decent-ish (peep those cabinets & sweet side-by-side), & structure overall in fine shape.
zillow.com/pittsburgh-pa-15204/home-values
- Taxes: $1,448
- Electric: Updated
- Plumbing: Updated
- Kitchen: (All) Needs Updating
- Bath: (All) Needs Updating
- Roof: Needs a new one
- Furnace: 10-20 yrs old (all); functioning
- Hot Water Tank: 5 yrs old (all); functioning
- Windows: Double-paned; older
- (1) 3 BR / 1 BA; (2) 1 BR / 1 BA
- Floors: 2.5
- Parking: 2-car parking pad
- Rental Potential: $2,525/mo TOTAL